OPEC keeps 2024 world oil demand growth forecast unchanged
In its monthly oil market report, the Organization of the Petroleum Exporting Countries (OPEC) kept the “2024 world oil demand growth forecast unchanged at 2.25 mbpd.”
Additionally takeaways
Argues against excessively negative sentiment in the oil market.
Raises 2023 non-OPEC supply-growth forecast by 100,000 bpd to 1.8 mln bpd.
Keeps 2024 non-OPEC supply-growth forecast steady at 1.4 mln bpd.
OPEC crude oil output rose by 80,000 bpd to 27.90 million bpd in October led by Iran, Angola and Nigeria.
Despite overblown negative sentiment regarding China’s oil demand performance, Chinese crude imports remain very healthy.
Global oil market fundamentals remain strong despite exaggerated negative sentiments.
Despite favorable market fundamentals, oil prices have fallen in recent weeks, owing primarily to financial sector speculators.
Market reaction
WTI has come under renewed selling pressure following the above report, testing lows near $77.0, The US oil is down 0.08% on the day.
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